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nursemegan nursemegan
wrote...
Posts: 478
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5 years ago Edited: 5 years ago, bio_man
Figure 12-7



Figure 12-7 illustrates the cost curves of a perfectly competitive firm.


Refer to Figure 12-7. If the market price is P1,

• the firm will experience a loss and raise its price to P2. The firm will then break even.

• the firm will break even by producing a quantity of Q2.

• the firm will experience a loss since price is less than ATC.

• the firm may make a profit if it can increase the demand for its product.
Textbook 
Microeconomics

Microeconomics


Edition: 7th
Authors:
Read 149 times
7 Replies

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wrote...
5 years ago
the firm will experience a loss since price is less than ATC.
nursemegan Author
wrote...
5 years ago
Thanks
wrote...
5 years ago Edited: 5 years ago, bio_man
Figure 12-7



Figure 12-7 illustrates the cost curves of a perfectly competitive firm.


Refer to Figure 12-7. If the market price is P3, the firm

• will break even.

• will make a profit.

• will earn enough revenue to cover its variable costs but not its fixed costs.

• will produce a quantity of Q1.
wrote...
5 years ago
will make a profit.
wrote...
5 years ago Edited: 5 years ago, bio_man
Figure 12-7



Figure 12-7 illustrates the cost curves of a perfectly competitive firm.


Refer to Figure 12-7. If the market price is P2, the firm

• will break even and produce a quantity of Q2.

• will make a profit and produce a quantity of Q2.

• will make a profit and produce a quantity of Q1.

• will make a profit and produce a quantity of Q3.
wrote...
5 years ago
will break even and produce a quantity of Q2.
wrote...
5 years ago
Thanks for your help!
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